New York-based International Flavors & Fragrances Inc. recently announced that it has agreed to acquire the privately-held fragrance company, Fragrance Resources. Financial terms of the deal were not disclosed.
As revealed, Fragrance Resources is recognized for its product line of specialty fine fragrances. The company serves its customers through its facilities in Germany, North America, France, and China.
International Flavors & Fragrances intends to fund the transaction through its existing resources. Completion of the transaction, anticipated in Jan 2017, is subject to fulfilment of customary closing conditions and regulatory approvals.
With the addition of Fragrance Resources, International Flavors & Fragrances expects to boost its fragrances businesses among faster-growing regional customers. The acquired assets are anticipated to generate incremental revenues of $75 million in 2017 as well as modestly boost earnings in the year.
We believe such acquisitions are consistent with International Flavors & Fragrances’ expansionary policy and its Vision 2020 business strategy. The company prefers to invest in acquisitions as a means to gain access to new customers, regions and technologies. A diverse portfolio and product mix, along with new business wins, should help it deliver solid results in the quarters ahead.
Source: Zacks
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